Veolia EnvironnementVEOEY -0.53%81 ROC (Joel Greenblatt) % is 16.03% as of Dec. 2025, which is 1% above its 10-year median of 15.85. GuruFocus rates VEOEY with a GF Score™ of 81/100 and a GF Value™ of $16.84 (Modestly Overvalued). The stock has 10 warning signs investors should review. Among 247 Waste Management companies, Veolia Environnement ranks better than 58.7% on this metric.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Veolia Environnement's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 16.03%.
The historical rank and industry rank for Veolia Environnement's ROC (Joel Greenblatt) % or its related term are showing as below:
VEOEY'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 8.86 Med: 15.85 Max: 17.7
Current: 16.27
During the past 13 years, Veolia Environnement's highest ROC (Joel Greenblatt) % was 17.70%. The lowest was 8.86%. And the median was 15.85%.
VEOEY's ROC (Joel Greenblatt) % is ranked better than 58.7% of 247
companies
in the Waste Management industry
Industry Median: 11.16
vs VEOEY: 16.27
Veolia Environnement's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 10.40% per year.
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
Veolia Environnement ROC (Joel Greenblatt) % Related Terms
Veolia Environnement ROC (Joel Greenblatt) % Historical Data
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The historical data trend for Veolia Environnement's ROC (Joel Greenblatt) % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
VEOEY vs WM, RSG, WCN: ROC (Joel Greenblatt) % Comparison
For the Waste Management subindustry, Veolia Environnement's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Veolia Environnement ROC (Joel Greenblatt) % vs Waste Management Industry
For the Waste Management industry and Industrials sector, Veolia Environnement's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Veolia Environnement's ROC (Joel Greenblatt) % falls into.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is two times the semi-annual (Dec. 2025) EBIT data.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a ROC (Joel Greenblatt) % of 16.03% mean?
Veolia Environnement (VEOEY) has a ROC (Joel Greenblatt) % of 16.03% as of Dec. 2025. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Veolia Environnement and its competitors. This is near median its historical median of 15.85. Over the past decade, Veolia Environnement's ROC (Joel Greenblatt) % has ranged from 8.86 to 17.70. According to the industry distribution chart, Veolia Environnement ranks #102 out of 247 companies in the Waste Management industry, placing it in the top 41.3%.
Is Veolia Environnement's ROC (Joel Greenblatt) % too high?
Veolia Environnement's current ROC (Joel Greenblatt) % of 16.03% is near median its 10-year median of 15.85. Over the past 10 years, this metric has ranged from a low of 8.86 to a high of 17.70. The Waste Management industry median ROC (Joel Greenblatt) % is 11.16. Veolia Environnement's value of 16.03% is 43.6% above this industry median. Based on the distribution chart, Veolia Environnement ranks #102 out of 247 companies in the Waste Management industry, which is above the industry midpoint. Overall, Veolia Environnement has a GF Score™ of 81/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Veolia Environnement's ROC (Joel Greenblatt) % compare to WM and RSG?
According to the Waste Management industry distribution chart, Veolia Environnement ranks #102 out of 247 companies for ROC (Joel Greenblatt) %. This puts Veolia Environnement in the upper half of its industry. The industry median ROC (Joel Greenblatt) % is 11.16. Veolia Environnement's value of 16.03% is 43.6% above this benchmark. Historically, Veolia Environnement's own ROC (Joel Greenblatt) % has ranged from 8.86 to 17.70 over the past decade. While the company's 10-year median is 15.85 vs. the industry median of 11.16, Veolia Environnement has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROC (Joel Greenblatt) % for a Waste Management company?
The median ROC (Joel Greenblatt) % among Waste Management companies is 11.16, based on 247 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Veolia Environnement's current ROC (Joel Greenblatt) % of 16.03% is 43.6% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Veolia Environnement and its competitors. For the Waste Management industry, the median ROC (Joel Greenblatt) % is 11.16 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Veolia Environnement's current ROC (Joel Greenblatt) % is 16.03%, which is near median its own 10-year median of 15.85. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Veolia Environnement stock overvalued right now?
Based on GuruFocus' analysis, Veolia Environnement (VEOEY) is currently considered Modestly Overvalued. The stock's GF Value™ is $16.84, compared to a current price of $20.74 — trading 23.2% above its estimated fair value. The current ROC (Joel Greenblatt) % is 16.03%, which is near median its 10-year median of 15.85 and 43.6% above the Waste Management industry median of 11.16. Veolia Environnement's overall GF Score™ is 81/100 with 10 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For Veolia Environnement (VEOEY), the current ROC (Joel Greenblatt) % is 16.03% as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Veolia Environnement (VEOEY) Overvalued in 2026?
Based on GuruFocus' analysis, Veolia Environnement stock appears to be overvalued.
The current stock price of $20.74 is trading 23.2% above its estimated GF Value™ of $16.84.
GuruFocus considers Veolia Environnement to be Modestly Overvalued.
Key valuation signals for VEOEY:
ROC (Joel Greenblatt) %: 16.03% (near median its 10-year median of 15.85)
GF Value™: $16.84 vs. price of $20.74 (23.2% above fair value)
Industry Position: 43.6% above the Waste Management median (#102 of 247)
No single metric tells the full story. See the VEOEY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Veolia is the largest water company globally and a leading player in France. It is also involved in waste management with significant exposure to France, the United Kingdom, Germany, the United States, and Australia. The third pillar of the group is energy services, giving the group significant exposure to Central Europe. Veolia started to refocus its activities in 2011, leading to the exit of almost half of its countries and its transport activity The integration of most activities of Suez in 2022 drove an EBITDA increase of nearly 40%.
81GF Score
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